Recently, the Vermont Supreme Court ruled in the case of Huntington Ingalls Industries v. Ace American Insurance Co., that a policyholder could proceed with a business interruption claim that alleges that the COVID-19 virus caused physical damage to property when it...
Automation plays a significant role in our lives. Of course, much of it is technology based. Moreover, it is a central driver within our professional, independent insurance agencies. It helps agency owners and employees work smarter. Done right, it saves us time and...
In May, an application for an overall loss cost decrease of 8.7% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Saturday, Oct. 1,...
“What do you do?” We have heard that question a thousand times. It is one of those standard conversation pieces along with: “What do you think of this weather?” and “How about that local sports team!” Every time you meet someone new, it is a virtual guarantee that you...
Have you been looking for information on credit reports and insurance scores to help you educate your clients? PIA Northeast has resources that can help. Recent restitution payment of $100M stresses the importance of proper employee classification for all businesses. New Jersey’s Cannabis Safe-Harbor bill was reported out of the state Assembly Financial Institutions and Insurance Committee. Plus, you can read about state-specific industry news, advocacy updates, technical resources, education opportunities, and upcoming events in this issue of the Weekly Dispatch.
PIANJ-supported legislation, A-389, which would create a safe harbor for insurance producers and carriers working with a cannabis-related business was reported out of the state Assembly Financial Institutions and Insurance Committee—a major step toward the bill...
The opening line of William Shakespeare’s Richard III is an oft-quoted line—often used to express sadness. You know, how you feel when another agency agreement comes across your desk. I know that agency agreements are no one’s favorite thing. You would much rather...
Insurance scoring is when insurers use a score, which is based on a policyholder’s credit history, to screen potential customers for underwriting acceptability. Originally, the scoring methodology was developed in the context of evaluating loan applicants. Credit...
The Coalition Against Insurance Fraud has updated its estimate for how much insurance fraud costs consumers and businesses for the first time in 27 years—the new data estimates that fraud costs $308.6 billion a year. A new study reveals the differences in how insurance buyers in each generation search for and purchase insurance. And, FEMA is requesting information that makes it look like it’s interested in selling flood insurance directly to insureds. Plus, you can read about state-specific industry news, and education opportunities in this issue of the Weekly Dispatch.
The importance of good organizational structure cannot be overstated when it comes to businesses that run smoothly and profitably. There are several approaches to organizational structure for your business. When evaluating your options—from team-based to hierarchical...